RISK CONSIDERATIONS IN FINANCIAL PLANNING FOR PAVEMENT REHABILITATION

Risk concepts in financial planning models for pavement rehabilitation are discussed. Because risk is generally related to variance, in this case the variance associated with pavement performance, it is necessary to model performance in a manner that preserves statistical relationships. In that regard, a Finite Markov Chain model of year-to-year movement in pavement ratings in constructed. The method in which risk- (variance-) related and probabilistic constraints can be imposed on an aggregate financial planning model is described. Such constraints permit budgets that are influenced by both average performance and variance in performance to be set.

• Record URL:
  http://onlinepubs.trb.org/Onlinepubs/trr/1988/1200/1200-007.pdf
• Record URL:
  https://scholar.google.com/scholar_lookup?title=RISK+CONSIDERATIONS+IN+FINANCIAL+PLANNING+FOR+PAVEMENT+REHABILITATION&author=A.+Kazakov&author=W.+Cook&publication_year=1988
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/isbn/0309047617
• Supplemental Notes:
  • This paper appears in Transportation Research Record No. 1200, Pavement Management and Weigh-in-Motion. Distribution, posting, or copying of this PDF is strictly prohibited without written permission of the Transportation Research Board of the National Academy of Sciences. Unless otherwise indicated, all materials in this PDF are copyrighted by the National Academy of Sciences. Copyright © National Academy of Sciences. All rights reserved
• Authors:
  • Kazakov, Alex
  • Cook, Wade D
• Publication Date: 1988

Media Info

• Features: Figures; References;
• Pagination: p. 53-58
• Monograph Title: Pavement management and weigh in motion
• Serial:
  • Transportation Research Record
  • Issue Number: 1200
  • Publisher: Transportation Research Board
  • ISSN: 0361-1981

Subject/Index Terms

• TRT Terms: Budgeting; Driver rehabilitation; Finance; Hazards; Maintenance management; Maintenance practices; Markov chains; Mathematical models; Pavement maintenance; Pavement performance; Planning; Programming (Planning); Risk assessment; Statistical analysis
• Uncontrolled Terms: Rehabilitation
• Old TRIS Terms: Financial programming
• Subject Areas: Data and Information Technology; Finance; Highways; Maintenance and Preservation; Planning and Forecasting; Safety and Human Factors; I61: Equipment and Maintenance Methods;

Filing Info

• Accession Number: 00490189
• Record Type: Publication
• ISBN: 0309047617
• Files: TRIS, TRB, ATRI
• Created Date: Dec 31 1989 12:00AM